Finance Minister Abul Maal Abdul Muhith yesterday placed the “Bank-Company (Amendment) Bill, 2017” in the Jatiya Sangsad with a view to bringing some changes in the process of nomination to the top positions of the bank and tenure of the directors reports BSS.

As per the new amendment of the bill, it has been proposed that four members of a family instead of existing two can be inducted in the board of directors of a bank at a time, and a person can hold the post of a director of a bank for nine years continuously instead of current three years.

Earlier, the cabinet approved the draft of the bill at its regular meeting with Prime Minister Sheikh Hasina in the chair on May 8, 2017. The draft was approved with bringing changes for fulfilling a long-run demand of the private bank owners particularly the promoters.

Jatiya Party lawmaker Fakhrul Imam objected to the placement of the bill in the house terming the proposal for raising the number of sponsor directors of the private banks from existing two to four from a family as unethical. He called for withdrawal of the bill as it would help open the floodgate for plundering depositors money by the sponsor family directors of the banks.

The finance minister gave the justification for placing bill in the house.

Later, the House sent the bill to the parliamentary standing committee concerned for scrutiny and asked to return back it by two months